Rent to Own Homes in Lakewood
Lakewood is located just north of Long Beach Airport in southwestern California. Long Beach is less than 10 miles to the south, Huntington Beach is less than 20 miles to the south and Los Angeles is about 20 miles to the north. This central location places residents within a one-hour drive of the Los Angeles International Airport and some of the most popular beaches in southern California. Interstates 605 and 405 run just beyond city limits, allowing residents to commute to surrounding cities for employment, entertainment and outdoor recreation.The below results are primarily rent to own homes in :
Lakewood is located just north of Long Beach Airport in southwestern California. Long Beach is less than 10 miles to the south, Huntington Beach is less than 20 miles to the south and Los Angeles is about 20 miles to the north. This central location places residents within a one-hour drive of the Los Angeles International Airport and some of the most popular beaches in southern California. Interstates 605 and 405 run just beyond city limits, allowing residents to commute to surrounding cities for employment, entertainment and outdoor recreation.The below results are primarily rent to own homes in :
Some of the biggest attractions in this area of Los Angeles County include Lakewood Golf Course, Long Beach Golf Course, Mayfair Park, El Dorado East Regional Park, Virginia Country Club, The Gardens Casino and Liberty Park and Fitness Center. There are additional parks scattered throughout the city, and many are located near residential areas. Lakewood was one of the first planned communities and was officially open for home purchases in 1950. Within the first year of sales, there were more than 1,000 people living in the community. The population was over 67,000 by 1960 and surpassed 80,000 by 2016. Some of the largest employers include the Long Beach Unified School District and the Lakewood Regional Medical Center.
Buying vs. Rent to Own Homes
Renting to own a home is like a test drive for buying a house. It’s comparable to the car dealership letting you drive out of the lot with the car that you want (after you pay a small option fee) and telling you to come back when you have the money to pay the full price of it, as long as it is within the lease term. Then you make monthly lease payments until you’re ready to buy it.
You should lease-option when you’re close to getting financing for the home you’re looking to purchase, but need a bit more time (1-3 years) before you’re ready. And if you’re unsure about the house, you have more time to consider it from a more personal perspective.
Similarly to test driving a car, once you’re sure that this is the house you want and you have the money to purchase it, you should buy it as soon as possible. There’s no sense in paying rent money for longer than you need to. Rent to own also gives you the flexibility to close on a home whenever you’re ready to. It’s a mix of the best parts of renting and buying.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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